A RESCUE plan for the Co-operative’s troubled banking arm has been unveiled in a bid to plug a £1.5 billion hole in its balance sheet. Listen to informed debate in your weekly business programme from the Yorkshire Post.
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No taxpayers’ money will be involved in the plan, which will address the shortfall identified by the new City watchdog, the Prudential Regulation Authority.
The black hole in the Co-op’s capital reserves largely stems from commercial property loans acquired through a merger with the Britannia building society in 2009 which created a financial “super-mutual”.
In this week’s programme, we ask how, after all the banking scandals of the last few years, this can have been allowed to happen.
Also in the programme:
• We’re at the Yorkshire Post Environment Awards with the Energy secretary Edward Davey
• How a Yorkshire university and a US engineer landed a deal with Jaguar
• A century of stainless steel in Sheffield.
Digital Editor David Behrens is joined in the studio by the Yorkshire Post’s deputy business editor Greg Wright.
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